St. Joseph's Hospital in Milwaukee is one of 150 hospitals owned and operated by Acension across the country - the largest private nonprofit health corporation in the US. As a nonprofit corporation, Ascension is:
-
exempt from income tax (federal and state)
-
exempt from property tax (state local)
-
exempt from sales tax (state and local)
-
able to borrow money through tax-exempt municipal bonds
-
able to solicit tax-deductible contributions
Ascension is an enormous business. The corporation took in $25.3 billion in operating revenue in fiscal year 2020. Despite being a nonprofit entity, Ascension routinely posts hefty profits and sits on huge cash reserves. Financial records show that Ascension posted a total profit of $5.3 billion (including investment returns) for the first three quarters of fiscal year 2021, finishing the period with a whopping $27.1 billion in net assets.
Ascension also compensates its executives very well. In 2019, Ascension paid:
-
Joseph Impicciche, President and COO = $7,251,194
-
Anthony Tersigni, Chair of Ascension Capital = $10,631,627
-
Anthony Speranzo, CEO of Ascension Capital = $10,946,473
-
Patricia Maryland, Executive Vice President= $16,377,863
In 2018, Acension SE Wisconsin Form 990 information, shows that $42,292,873 was spent on community benefits - equating to 10.78% of their functional expenses that year.
St. Joseph's Hospital
